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Total looks to acquire Maersk Oil
21 August 2017, 08:32 | Vickie Mathis
Maersk Oil sold to France's Total
It will see French firm Total take control Denmark's Maersk's assets in the United Kingdom sector of the North Sea, including the Culzean gas field.
Total's acquisition of Maersk Oil is one of the biggest oil-sector deals since Shell's roughly $50 billion acquisition of BG Group a year ago.
Total's shares were down 0.06 per cent in evening trading while Maersk shares traded up by 2.89 per cent.
Total will issue to A.P. MollerMaersk 97.5 million shares, based on the average Total share price on the 20 business days prior to August 21.
As part of the deal, Maersk will receive approximately $4.95 billion in Total shares, while Total will assume $2.5 billion of short term debt to fund the remainder of the deal.
Total has proved more resilient than many other oil companies following the price slump that struck the industry from 2014, cutting costs faster and earlier, which is now allowing it to invest in new projects. Maersk has been the main operator in the Danish sector of the North Sea for half a century, helping the country to be self-sufficient in oil and gas.
This will give Total another foot into the North Sea, using Denmark as a regional hub for its operations in the region.
The cost savings will be seen "in particular by the combination of assets of Total and Maersk Oil in North Sea".
"This transaction delivers an exceptional opportunity for Total to acquire, via an equity transaction, a company with high-quality assets which are an excellent fit with many of Total's core regions", chief executive Patrick Pouyanne said in a statement.
Maersk recently boosted its container business by buying Hamburg Sud, a German rival with a strong position in Latin America, for $4bn (£3.1bn). Mr Pouyanné said that the additional value to the company's portfolio would help it reach a lower breakeven oil price.
Total is also taking over short-term debt valued at Dollars 2.5 billion and closure obligations worth USD 2.9 billion.
Total will issue to Maersk 97.5 million shares, representing 3.75 percent of its enlarged share capital.
The deal is subject to regulatory approval from relevant authorities including the Danish energy minister and competition authorities as well as required consultation and notification processes with Total's employee representatives.
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